That's what I recall as well: one "Hobbit" and one sort of "in between" film that would surely have been horrible fan fiction (moreso than "The Hobbit" ended up being, I mean).

Aren't the current legalities quite restrictive? To the best of my knowledge, based on what people have said here, the film rights holders are not allowed to adapt even things in the Appendices which are not also mentioned in the main body of The Hobbit or The Lord of the Rings in some fashion.

I feel that leaves them with two choices:
1. Make the films again (unlikely for the time being)
2. Make stuff up (more likely)

That being said, I think the faceless grey-suited men at Warner Bros. would also have to decide a few other things, like whether Peter Jackson's name would bring in more net profit than hiring someone new who would be cheaper. I sometimes feel that there's an assumption that more Warner Bros./New Line/Zaentz/whatever "Middle-earth" films would involve Jackson as director, but I don't think that's necessarily the case.

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"Since the evening of that day we have journeyed from the shadow of Tol Brandir."
"On foot?" cried Éomer.